Fortem Financial Group LLC Purchases 914 Shares of Owens Corning (NYSE:OC)

Fortem Financial Group LLC increased its position in shares of Owens Corning (NYSE:OC) by 8.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,590 shares of the construction company’s stock after buying an additional 914 shares during the quarter. Fortem Financial Group LLC’s holdings in Owens Corning were worth $2,046,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. State Street Corp grew its holdings in Owens Corning by 4.7% during the third quarter. State Street Corp now owns 4,181,421 shares of the construction company’s stock worth $738,104,000 after purchasing an additional 187,001 shares during the period. Pacer Advisors Inc. boosted its position in Owens Corning by 16.4% during the third quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company’s stock worth $327,286,000 after purchasing an additional 261,564 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its position in Owens Corning by 31.6% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company’s stock worth $145,455,000 after purchasing an additional 197,667 shares during the period. Point72 Asset Management L.P. boosted its position in Owens Corning by 168.3% during the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock worth $128,772,000 after purchasing an additional 464,981 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Owens Corning by 3.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 727,275 shares of the construction company’s stock worth $128,379,000 after buying an additional 24,522 shares during the period. 88.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on OC shares. Royal Bank of Canada lifted their target price on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. UBS Group boosted their target price on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Evercore ISI boosted their price objective on shares of Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group boosted their price target on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and an average price target of $193.67.

Insider Activity

In related news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total transaction of $518,500.00. Following the sale, the insider now directly owns 60,130 shares in the company, valued at $10,222,100. This trade represents a 4.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.89% of the stock is owned by corporate insiders.

Owens Corning Price Performance

Shares of OC stock opened at $196.92 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. Owens Corning has a twelve month low of $138.70 and a twelve month high of $214.53. The company has a market cap of $16.89 billion, a P/E ratio of 16.76, a P/E/G ratio of 2.26 and a beta of 1.42. The business has a fifty day simple moving average of $189.98 and a 200 day simple moving average of $177.62.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.33. The firm had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.15 earnings per share. On average, sell-side analysts forecast that Owens Corning will post 15.46 EPS for the current fiscal year.

Owens Corning Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Monday, January 6th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.40%. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, January 6th. Owens Corning’s dividend payout ratio is presently 23.49%.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.